The most recent financial statements for Fleury Inc., follow.Inte

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The most recent financial statements for Fleury Inc., follow.Interest expense will remain

The most recent financial statements for Fleury Inc., follow.Interest expense will remain constant; the tax rate and thedividend payout rate will also remain constant. Costs, otherexpenses, current assets, fixed assets and accounts payableincrease spontaneously with sales.

FLEURY, INC. 2011 Income Statement
Sales			$	743,000
Costs				578,000
Other expenses				15,200

Earnings before interest and taxes			$	149,800
Interest paid				11,200

Taxable income			$	138,600
Taxes (35%)				48,510

Netincome			$	90,090

Dividends	$	27,027
Addition to retained earnings		63,063

FLEURY, INC. Balance Sheet as of December 31, 2011
Assets			Liabilities and Owners’ Equity
Current assets			Current liabilities
Cash	$	20,240	Accounts payable	$	54,400
Accounts receivable		32,560	Notes payable		13,600

Inventory		69,520	Total	$	68,000

Total	$	122,320	Long-term debt	$	126,000
			Owners’ equity
Fixed assets			Common stock and paid-in surplus	$	112,000
Net plant and equipment	$	330,400	Retained earnings		146,720

			Total	$	258,720

Total assets	$	452,720	Total liabilities and owners’ equity	$	452,720

Complete the pro forma income statements below. (Inputall amounts as positive values.)

FLEURY INC. Pro Forma Income Statement
	15% Sales Growth	20% Sales Growth	25% Sales Growth
Sales	$	$	$
Costs
Other expenses

EBIT	$	$	$
Interest

Taxable income	$	$	$
Taxes (35%)

Netincome	$	$	$

Dividends	$	$	$
Add to RE

Calculate the EFN for 15, 20 and 25 percent growth rates.(Negative amounts should be indicated by a minus sign.)Show all work and formulas.

	15%	20%	25%
EFN	$	$

Abhinav 02-Dec-2019

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The most recent financial statements for Fleury Inc., follow.Interest expense will remain

The most recent financial statements for Fleury Inc., follow.Interest expense will remain

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